David Klein Fee Quotations
Fee Quotes from:
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Advice Quotes
To create competition, the distributors - namely the banks - must be allowed to compete over fees and service. The current system does not encourage competition. With the banks getting a blanket annual fee for the customer's inventory of fund units, their interest will be to sell as many units in stock mutual funds as possible and to prevent clients from selling them, even when unbiased advice would reach the opposite conclusion.
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Advice Quotes
Theoretically, the distribution fee should include an element of payment for advice, after the banks complained that the public wouldn't pay for advice. But being an adviser means more than selling: one has to examine the portfolio, update it and sometimes recommend that the client sell.